Economic Recovery Tax Reform Act of 1982

Summary

Economic Recovery Tax Reform Act of 1982 - Amends the Internal Revenue Code to revise the individual income tax rate tables to limit the tax reductions for 1983 and 1984 contained in the Economic Recovery Tax Act of 1981. Revises the method of computing the personal holding company tax. Delays the ten percent reduction in the withholding rate until July 1, 1984. Delays for one year the indexation (cost of living adjustments) of individual income tax rates. Repeals special rules which allow sale and leaseback arrangements of depreciable property between corporations. Increases to $10,000 the dollar limitation on the amount of depreciable business assets which may be deducted as an expense in a current taxable year, effective in 1983. Repeals provisions of the Economic Recovery Tax Act of 1981 regarding the windfall profit tax which: (1) exempt royalty oil; (2) reduce the tax on newly discovered oil; and (3) exempt independent producer stripper well oil. Repeals provisions which specify that the income tax credit for the production of natural gas from nonconventional sources shall apply to natural gas sold during the taxable year only if such gas is sold at a lawful price which is determined without regard to ceiling prices under the Natural Gas Policy Act of 1978. Repeals the option to expense intangible drilling and development costs in the case of oil and gas wells. Repeals the percentage depletion allowance for such wells.

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1 official file

• Introduced in Senate

  summary · EN · 16 July 1982

  Open at official source

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